Tencent Music Entertainment’s first public offer is found, two months after the company estimated it deprived it in the midst of global sales. In a legislative application today, the company, China’s largest streaming service, said it plans to offer 82 million US depositary receipts (ADS), representing 164 million A shares, for between $ 13 and $ 15. This means that stock market launch may potentially increase up to $ 1.23 billion.
The company offers 41.03 million ADS, while sales shareholder will offer the remaining 40.97 million ADS. It will list the New York Stock Exchange under the ticker symbol TME. Tencent Holdings’ tencent Holdings has agreed to purchase A-Series A shares worth $ 32 million, according to the filing.
With about 800 million monthly active users, Tencent Music is not only China’s largest online music entertainment platform, but one of the largest in the world. To put that number in context, Spotify, one of Tencent Music’s shareholders and strategic partners, currently has 1
70 million monthly active users.
Tencent Music first applied for its stock exchange debut in early October, but then WSJ reported that it had stopped its IPO plans due to sales in global markets that hit the Chinese markets particularly hard. The stock market is currently rallying thanks to a security warmer between the US and China.
The leading insurers are Morgan Stanley, Goldman Sachs, JP Morgan, Deutsche Bank Securities and Bank of America Merrill Lynch. 19659006]